Malaysia’s exports show signs of weakness

The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California in this file photoMalaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell.

According to the country’s statistics office, the decline in exports happened mainly in trade to the markets of ASEAN, India and Japan, but also of Qatar and Saudi Arabia. The May result was a fourth consecutive monthly contraction.

Exports of electrical and electronics products, which account for about a third of total exports, fell 2.2 per cent year-on-year in May, mainly due to lower demand from the US and China. Exports to the EU fell 5.3 per cent in the same period on lower demand for palm oil.

As for imports, there was a 2.3 per cent decline to $17 billion from a year ago compared to consensus expectations of a 2.9 per cent increase. However, the trade surplus remained intact.

Malaysia’s economy in general expanded at a much slower pace of 4.1 per cent in the first quarter of the year on slowing government spending and weaker external demand.

 



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Malaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell. According to the country's statistics office, the decline in exports happened mainly in trade to the markets of ASEAN, India and Japan, but also of Qatar and Saudi Arabia. The May result was a fourth consecutive monthly contraction. Exports of electrical and electronics products, which account for about a third of total exports, fell 2.2...

The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California in this file photoMalaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell.

According to the country’s statistics office, the decline in exports happened mainly in trade to the markets of ASEAN, India and Japan, but also of Qatar and Saudi Arabia. The May result was a fourth consecutive monthly contraction.

Exports of electrical and electronics products, which account for about a third of total exports, fell 2.2 per cent year-on-year in May, mainly due to lower demand from the US and China. Exports to the EU fell 5.3 per cent in the same period on lower demand for palm oil.

As for imports, there was a 2.3 per cent decline to $17 billion from a year ago compared to consensus expectations of a 2.9 per cent increase. However, the trade surplus remained intact.

Malaysia’s economy in general expanded at a much slower pace of 4.1 per cent in the first quarter of the year on slowing government spending and weaker external demand.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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